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                  <a href="https://github.com/ethhub-io/ethhub-zh/edit/master/docs/ethereum-roadmap/ethereum-2.0/以太坊2.0经济学.md" title="Edit this page" class="md-icon md-content__icon">&#xE3C9;</a>
                
                
                <h1 id="20">以太坊2.0经济学</h1>
<h2 id="_1">介绍</h2>
<p>以太坊2.0升级将实现从工作量证明（PoW）到权益证明（PoS）的转换，这意味着维护网络安全的主力军将不再是矿工，而是验证者。其中非常重要的是要掌控好其内在的质押经济，以保持网络健康和安全。</p>
<p>如果质押激励过少，验证者数量将不足以运行分片网络。如果质押激励过多，网络安全的支出过多，通货膨胀现象达到一定程度时，将损害整个网络的经济效益。</p>
<p>关于以太坊网络需要多少个验证者，目前有一些考量。根据最新规范，阶段0要求验证者数量至少要达到16,384才能启动信标链。对于阶段1及之后的阶段，每个委员会的验证者数量不低于128个。为了能够在一个slot内完成所有分片的交联（获取彼此的状态），64个分片统共需要24,244个验证者，以及8,388,608 ETH被质押。</p>
<h2 id="_2">术语</h2>
<p>部分来源：https://github.com/ethereum/eth2.0-specs/blob/master/specs/core/0_beacon-chain.md</p>
<ul>
<li><strong>验证者</strong> - Casper/分片共识系统的参与者。质押32 ETH即可成为此机制中的一名验证者。</li>
<li><strong>委员会</strong> - 活跃验证者的伪随机采样子集。当一个委员会以统称形式出现，如“该委员会对X进行证明”时，意思是“该委员会的某个子集包含足够的验证者，协议判断其能够代表委员会”。</li>
<li><strong>发行率</strong> - ETH供应量年均增长率。</li>
<li><strong>收益率</strong> - 验证者年均ETH收益率。</li>
</ul>
<h2 id="_3">质押奖励</h2>
<p>为了激励ETH持有者进行质押，验证者会因其履行职责而获得奖励。每六分钟，验证者会分配到自己的职责，执行完成后会获得奖励。该奖励会基于主网质押总量的变化而动态变化。如果ETH质押总量处于低水平，那么每个验证者的收益率会提高，反之如果质押总量增加，年发行量也会随之增长，以补贴验证者奖励，但是每个验证者的收益率会有所下降。目前的<a href="https://github.com/ethereum/eth2.0-specs/pull/971">奖励机制</a>如下:</p>
<table>
<thead>
<tr>
<th align="left">ETH质押总额</th>
<th align="left">年度最大发行量</th>
<th align="left">最高年发行率 %</th>
<th align="left">（验证者的）最大年收益率</th>
</tr>
</thead>
<tbody>
<tr>
<td align="left">1,000,000</td>
<td align="left">181,019</td>
<td align="left">0.17%</td>
<td align="left">18.10%</td>
</tr>
<tr>
<td align="left">3,000,000</td>
<td align="left">313,534</td>
<td align="left">0.30%</td>
<td align="left">10.45%</td>
</tr>
<tr>
<td align="left">10,000,000</td>
<td align="left">572,433</td>
<td align="left">0.54%</td>
<td align="left">5.72%</td>
</tr>
<tr>
<td align="left">30,000,000</td>
<td align="left">991,483</td>
<td align="left">0.94%</td>
<td align="left">3.30%</td>
</tr>
<tr>
<td align="left">100,000,000</td>
<td align="left">1,810,193</td>
<td align="left">1.71%</td>
<td align="left">1.81%</td>
</tr>
</tbody>
</table>
<p><a href="https://www.reddit.com/r/ethtrader/comments/bffp0n/higher_pos_rewards_proposed/elen71t?utm_source=share&amp;utm_medium=web2x">根据Vitalik Buterin</a>, 以上数据均为最大限值，总发行量会受多种因素影响下降。如下：</p>
<ul>
<li>
<p>验证者离线。结合个人和集体惩罚来看，每1％的验证者下线，总发行量就会比正常情况减少约3％；若当下离线验证者超过33％，总发行量会严重下降。</p>
</li>
<li>
<p>验证者被罚没。在实际情况中发生的概率较低。</p>
</li>
<li>
<p><a href="https://medium.com/@TrustlessState/eip-1559-the-final-puzzle-piece-to-ethereums-monetary-policy-58802ab28a27">EIP 1559</a>提议销毁交易费（最初交易量较低时，估计每年减少约10,000 个ETH，最终有望提高到每年减少数十万个ETH）</p>
</li>
</ul>
<h2 id="_4">质押成本与风险</h2>
<p>天下没有免费的午餐，验证者想要获得奖励也需要一定成本。成为验证者前要考虑很多因素，以权衡自己的付出与收获的质押回报。考虑因素如下：</p>
<ul>
<li>
<p>计算成本</p>
<ul>
<li>至少需要运行验证者客户端，并且可能还需要运行一个信标节点，这是算力资源成本。</li>
<li>信标节点：要运行一个类似目前geth/parity的客户端。</li>
<li>验证者客户端：属于轻客户端，每质押32 ETH就需要运行一个验证者客户端。</li>
<li>估计运行一个信标节点和验证者客户端的年均成本为120美元</li>
</ul>
</li>
<li>
<p>资金获取与锁定</p>
<ul>
<li>用户需要获取质押所必要的32 ETH，并单向转账至存款合约</li>
<li>质押者在质押期间无法直接出售ETH。</li>
<li>在阶段0期间，资金会在信标链上被锁定至阶段1。中途可以停止验证工作，但在提交且退出后，用户在阶段1之前无法提取出质押金。</li>
</ul>
</li>
<li>
<p>代码风险</p>
<ul>
<li>质押ETH之后，你就要信任所运行的质押软件，保证其准确履行职责。然而有了区块浏览器和验证者控制板工具，我们可以轻易识别哪个环节出错。构建出功能性强、可靠的软件就是实现者的职责了。</li>
<li>当然全网范围也可能发生错误，但如果有必要的话，基本可以通过硬分叉来修复。</li>
</ul>
</li>
<li>
<p>一般运行时和维护成本</p>
<ul>
<li>如果在线时间大于50%（假定网络情况正常），用户可以保持净收益。对于无法保证一定运行时间的用户，质押并非明智的选择。</li>
<li>如果超过1/3的验证者同时离线，那么网络无法继续对区块进行最终确定。如果这种情况持续4个epoch，那么所有离线的验证者会触发最终确定性泄漏惩罚。</li>
<li>如果用户想要将他们的验证者分布在多个设定中，那么就不得不考虑维护成本和基础设施的因素。</li>
</ul>
</li>
<li>
<p>安全风险</p>
<ul>
<li>除了客户端代码故障外，质押者还要负责维护其验证者客户端的安全环境，包括网络连接、操作系统、硬件等方面。如果其验证者客户端由于安全故障而被黑客入侵，导致强制停机或行为不当，目前无法恢复被扣除的资金。</li>
<li>此处的安全风险，类似于笔记本电脑或智能手机被入侵后钱包中的ETH被窃取。实行去中心化自治的同时，也要承担相应的责任。</li>
</ul>
</li>
</ul>
<p>如果对成为验证者感兴趣的话，建议阅读：<a href="https://medium.com/chainsafe-systems/8-things-every-eth2-validator-should-know-before-staking-94df41701487">进行质押前验证者需要知晓的八件事</a>。</p>
<h2 id="_5">竞争</h2>
<p>确定是否值得成为以太坊验证者的一个非常重要的因素就是，要权衡质押净收入与其他竞争者提供的回报。</p>
<p><strong>去中心化金融</strong><br />
去中心化金融应用如<a href="https://compound.finance/">Compound Finance</a>、<a href="https://dharma.io/">Dharma</a>和<a href="https://makerdao.com/">Maker</a>，为用户提供了锁定ETH获取奖励的新方式。但用户需要了解这些产品如何运作，以及未来将如何演变。</p>
<p><strong>其他投资手段</strong><br />
诸如债券、储蓄等更传统的投资替代方案也可以被视为以太坊质押的竞争者。尽管不像DeFi应用具有直接竞争性，但其仍然需要纳入考虑范围。 </p>
<h2 id="_6">相关资源</h2>
<ul>
<li><a href="https://docs.google.com/spreadsheets/d/15tmPOvOgi3wKxJw7KQJKoUe-uonbYR6HF7u83LR5Mj4/edit#gid=1446566120">ETH2 Staking 计算器</a></li>
<li><a href="https://medium.com/chainsafe-systems/8-things-every-eth2-validator-should-know-before-staking-94df41701487">进行质押前验证者需要知晓的八件事</a></li>
</ul>
                
                  
                
              
              
                


              
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